As part of ALI’s efforts to support the mortgage broking industry, MFAA CEO Mike Felton, and ALI CEO Huy Truong, recently organised a workshop in Melbourne with key industry leaders, Shadow Minister for Financial services Clare O’Neil and policy advisor Jesse Marshall to work through the key findings from the Royal Commission and Labor’s reform framework.
During the productive two-hour session, the group tackled some significant topics including:
- The Royal Commission findings
- Self-regulated industry reforms as developed through the CIF
- Different aggregator models and their respective investment in systems, compliance and marketing to enable brokers to deliver competition and customer outcomes
- The issues to consider around Labor’s public position on best interest duty and remuneration reform
- Consultation process as part of the Treasury working group to be appointed
It was encouraging to see the genuine engagement and interest from Clare and Jesse to work alongside the industry when it comes to these reforms. While there’s still an election to get through, these discussions on both sides of the fence are critical in ensuring that whoever the government of the day is, they are fully informed about the benefits and consequences of any reform.
CEO Huy Truong would personally like to thank Clare, Jesse and the industry leaders for making the time to attend the workshop and progress the reform agenda in such a productive manner. Major reforms in any industry can be challenging to get right, but the best results are usually achieved with government, regulatory bodies and industry working closely together.
Attending the workshop were industry leaders (clockwise from left): David Smith (Chief Customer Officer Aussie), Susan Mitchell (CEO Mortgage Choice), Clare O’Neil (Labor Spokesperson for Financial Services), Jesse Marshall (Policy Advisor to Clare O’Neil), David Bailey (CEO AFG), Sam White (Executive Chairman Loan Market), Mark Haron (Director Connective), Mike Felton (CEO, MFAA), Huy Truong (ALI Group), Stephen Moore (CEO Choice Aggregation Services), Peter White (Managing Director FBAA).